AVOID LIKE THE PLAGUE

One thing you want to avoid is making the asset to unique that it is difficult for an appraiser to comp out. 

I'd like to avoid taking a portfolio loan given my feelings on the current market.

We want to avoid letting money just sit in the bank account when we know we could be making it work for us.

To avoid these, create an operating agreement outlining roles, responsibilities, financial contributions, and handling disagreements.

One thing to watch out for is the financing aspect of it - could be a hurdle getting a loan if the transaction is "non-arms length" - i.e. between "Friends" - might be worth looking at seller financing too

My understanding is the Padsplit’s member agreement model is to avoid such situations.

People use anonymous structure to avoid this.

It is important to factor in all the benefits of house hacking into your calculations, i.e. amortization, appreciation, income, & potential rent avoidance.

The good news - there are plenty of family-friendly neighborhoods between St Paul and S Mpls which offer decent opportunities for a househacker - you just need to know where to look, what to avoid, and where the opportunities are (undervalued properties, under rented units, value-add opportunities).